The mechanical energy generated is then used to drive a generator, which in turn produces electrical energy. The combination of ongoing technological advancements within the energy sector and a growing emphasis on distributed power production technologies is acting as a key driver for the market’s growth. Furthermore, the market is anticipated to witness strong expansion throughout the forecast period, primarily due to increasing governmental support for cleaner and more efficient power generation methods that contribute to the global reduction of Carbon Dioxide (CO2) emissions.

Gas turbines are predominantly utilized in the field of power generation. However, operating a power plant based solely on a simple cycle turbine can prove to be more expensive for industries than procuring electricity from external sources. As a result, combined cycle power plants are more commonly adopted due to their higher efficiency. A Combined Heat and Power (CHP) plant represents one such example of a combined cycle system, which not only generates electricity but also delivers mechanical drive energy.

The ongoing transition from coal-based to gas-based power generation across both developed and developing countries—including the United States, Japan, India, and China—along with favorable government initiatives promoting the establishment of gas-powered plants, are among the key factors contributing to the market’s steady development.

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What was the value of the global gas turbine market in 2023?

The global gas turbine market was estimated at USD 10.19 billion in 2023, reflecting its critical role in modern power generation and the increasing demand for efficient and lower-emission energy systems.

What is the projected growth rate of the gas turbine market from 2024 to 2030?

The market is expected to expand at a compound annual growth rate (CAGR) of 4.0% during the forecast period from 2024 to 2030. This growth is driven by rising demand for cleaner energy solutions, ongoing technological advancements, and policy support favoring gas-based power generation.

What is a gas turbine and how does it work?

A gas turbine is a combustion engine that mixes fuel with air and heats the mixture to high temperatures. This process causes turbine blades to spin at high speed, generating mechanical energy, which is then used to drive a generator and produce electrical energy. Gas turbines are valued for their high efficiency, especially in combined cycle systems.

What are the primary applications of gas turbines?

Electricity generation in simple or combined cycle power plants.

Mechanical drive systems in industrial settings.

Aviation and marine propulsion, though the focus of this report is on stationary power generation.

Combined Heat and Power (CHP) plants are an example where gas turbines are employed for both electricity and mechanical